Australia heads towards an apartment drought
The Property Council is predicting an apartment supply crunch across some of the country’s largest housing markets, wh...
Budding property buyers having to juggle deposit saving with rental payments can breathe a little bit easier with rental prices appearing to have reached some stability for now.
According to Australian Property Monitors (APM), national rental growth for houses rose by less than one per cent (0.7) over the three months to June this year.
Rents for units increased slightly more over the period, increasing by 3.5 per cent during the quarter.
APM economist Matthew Bell said that while rental vacancy rates remained tight in most capitals, weak consumer spending and confidence had stalled rental growth.
In addition, Mr Bell said the departure of many young renters to home ownership as a result of the increased incentives last year had also taken some of the pressure out of the rental market.
“The exodus from the rental market to the ownership market that occurred in 2009 is still having an effect on asking rents in most capitals.”